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FS outlines fiscal consolidation plan

In the 2024-25 Budget announced today, Financial Secretary Paul Chan proposed a number of measures to increase revenue and outlined a fiscal consolidation programme which aims to restore fiscal balance in a few years’ time.   Mr Chan said even though the Government strived to reduce expenditure as the COVID-19 pandemic had subsided, the total expenditure for 2023-24 reached $727.9 billion, representing an increase of 36.9% compared with 2018-19, of which operating expenditure rose substantially by 40.2% whereas operating revenue increased only 13.1%.   On capital works, owing to the fact that the Government has been pressing ahead with land and housing supply projects, along with other infrastructure works for improving the environment and people’s livelihood, the average annual expenditure has increased from about $76 billion over the past five years to about $85 billion in 2023-24.   Fiscal reserves have dropped to the current level of $733.2 billion.   Fiscal consoli

Christopher Hui meets Hanoi officials

Secretary for Financial Services & the Treasury Christopher Hui today met officials and toured enterprises during his visit to Hanoi, Vietnam.

 

Vietnamese State Securities Commission Vice Chairman Luong Hai Sinh met Mr Hui in Hanoi on behalf of the Vietnamese Ministry of Finance.

 

They discussed topics of mutual interest, including stock market reforms, renminbi internationalisation, green and sustainable finance, fintech and nurturing of financial talent as well as the potential for co-operation in these areas.

 

During a meeting with Vietnamese Deputy Minister of Industry & Trade Phan Thi Thang in Hanoi, Mr Hui expressed hope that the two places could enhance their trading partnership, given that Vietnam is one of the fastest-growing economies in Southeast Asia with a large and young population, and a diverse industrial base.

 

Mr Hui called on Chinese Ambassador to Vietnam Xiong Bo to update him on Hong Kong's latest initiatives to strengthen the competitiveness of the stock market as announced in the Policy Address, including reducing the stamp duty on stock transfers, reviewing stock trading spread and reducing market data fees.

 

He also briefed Mr Xiong on other measures for reinforcing the city's competitiveness as an international financial centre such as strengthening the offshore renminbi business and deepening financial co-operation in the Guangdong-Hong Kong-Macao Greater Bay Area.

 

The treasury secretary met the chief executive officers of several multinational Vietnam information technology companies interested in raising funds in Hong Kong and informed them of its vibrant fintech ecosystem with a presence of over 1,000 fintech companies.

 

He also introduced them to Hong Kong's listing reform in recent years, facilitating new economy companies to list and raise funds.


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